Economic research and consultancy company Bak Basel has released a study called “Financial Centre Zurich 2011” in which it has somewhat negatively forecasted the future for the Switzerland’s finance industry. The study was commissioned by the Office of Economics and Labour.
Despite the fact that at the moment the financial industry contributes healthy 11% to the Gross product of the country, BAK director Urs Muller explains that the results of the study came to be not because of the state of things in Switzerland but because of the general economic outlook worldwide.
Mr. Muller named global economy, more aggressive tax competition and the rise of financial centers in Asia among the things, which will have a negative impact on the Confederation’s economy. He also specified that some regions and sectors will be more affected than others, for instance banks might struggle more in the future than insurance companies.
BAK director noted that the advantages of jurisdiction are also somewhat reduced due to the rising international compliance costs.
Tages Anzeiher: Düstere Aussichten für Finanzplatz Zürich (January 13th 2012)
Tax-news.com: Swiss Financial Centre ‘Faces Uncertain Times’ (January 26th 2012)